Narberth residential property held on a long lease is a depreciating asset as the leaseholder merely owns the property for a period of years.
Leasehold residencies in Narberth with in excess of 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Godiva Mortgages | |
| National Westminster Bank | |
| Santander | |
| The Mortgage Works |
Regardless of whether you are a tenant or a freeholder in Narberth,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Narberth valuers.
Last year Jackson, started to get near to the eighty-year threshold with the lease on his basement apartment in Narberth. Having purchased his property 19 years previously, the lease term was of minimal interest. Luckily, he realised he needed to take action soon on Extending the lease. Jackson extended the lease just in the nick of time in January. Jackson and the freeholder subsequently agreed on the final figure of £6,000 . If the lease had slid lower than 80 years, the figure would have become more exhorbitant by at least £975.
In 2013 we were e-mailed by Mr and Mrs. L Mercier who, having acquired a recently refurbished flat in Narberth in October 2008. We are asked if we could estimate the price would likely be for a ninety year lease extension. Identical residencies in Narberth with a long lease were in the region of £264,000. The mid-range amount of ground rent was £60 collected monthly. The lease elapsed in 2079. Having 53 years unexpired we calculated the premium to the landlord to extend the lease to be between £37,100 and £42,800 exclusive of legals.
In 2014 we were phoned by Mr and Mrs. F Sharif who, having took over the lease of a newly refurbished apartment in Narberth in November 2006. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by an additional years. Identical homes in Narberth with 100 year plus lease were in the region of £225,400. The average ground rent payable was £45 billed monthly. The lease ended on 9 February 2090. Considering the 64 years outstanding we estimated the premium to the landlord for the lease extension to be between £16,200 and £18,600 plus expenses.